Mubadala, #Qatar Fund Holding On to Russian Assets for Now - Bloomberg

Mubadala, Qatar Fund Holding On to Russian Assets for Now - Bloomberg

Two influential Middle Eastern wealth funds are for now planning to hold on to Russian assets worth billions of dollars, seen as strategic and long-term investments, people familiar with the matter said.

Abu Dhabi’s Mubadala Investment Co. and Qatar Investment Authority are taking a different approach to Norway’s $1.3 trillion sovereign wealth fund, which is starting a process to remove Russian assets from its portfolio.

The QIA, which has a roughly 19% stake in Rosneft PJSC, sees that investment as key to supporting Doha’s relationship with Moscow, the people said. Unlike BP Plc, which has said it will offload its stake in the Russian firm, the Qatari fund is under no pressure to sell, they said.

Mubadala has at least $3 billion worth of exposure to Russia, two of the people said, declining to be identified as the matter is private. Mubadala is unlikely to unwind its partnership with the Kremlin-run Russian Direct Investment Fund, or take steps that might hamper the relationship, despite the slump in Russian markets, the people said.